Italiahaircolor
Ideal_Rock
- Joined
- Dec 16, 2007
- Messages
- 5,184
Lately we''ve been seriously house hunting...thinking our expectations were pretty high we''ve procrastinated putting our house on the market fearing that we''d sell (maybe) before we found a place.
Well...today an opportunity presented itself and I''m really, really torn...
Our original dream was to buy a historic home, fix it up and live out our lives there...but in our area, "old money" owns the "old homes" and getting into one for under a million is unheard of and to be perfectly honest, we couldn''t afford anything that expensive comfortably. We have to be realistic, it isn''t just the cost of home it''s all the money that has to go into the house after buying it. It''s with a heavy heart that we opened up our search to other alternatives...
Our realtor, God love her, told us today about a foreclosed row home that just came on the market which is in our desired location for a "song" (outside of our historic DT area...so you could say it''s our second favorite area). In a healthy market, this home would have sold for 700k and maybe even more...in this market, and being foreclosed on, it''s really, really affordable. So affordable I doubt it will last long.
It''s in a better area that our current house in terms of amenities...it''s been well loved and upgraded to the max so I wouldn''t have to spend anything to update the house. The layout is much better than our current home. But it''s almost identical in square footage. It would also be a wash with our current home...we''d sell ours (hopefully) and buy this one without owing anything but also without making anything. i could essentially give my house away to make this one happen. This house potentially will be worth more than mine will ever be worth. But, and it needs repeating, it''s not an "upgrade" but rather a "lateral" move in terms of the space and finishes. The house isn''t historic, but in a country club/clubhouse community which is pretty exclusive. We''d have access to a golf course, 3 pools, tennis courts...none of which we have access to now. We''d be in the best school district.
So, heres the sticky stuff...and where I want opinions and advice...
1. It''s not an upgrade in a "nuts and bolts" kind of way...same sqft and finishes but a better area. We''d be trading historic downtown living for modern conveniences.
2. We''d carry two mortgages for ???? who knows how long. That could be doable but also stressful and nothing I''ve ever experienced before. It would certainly change things for a while.
3. We''ve been pre-approved but I don''t know if that is contingent upon the sale of our current home...a situation I''ve never been in before...
So....with that said, would you do it?!
Well...today an opportunity presented itself and I''m really, really torn...
Our original dream was to buy a historic home, fix it up and live out our lives there...but in our area, "old money" owns the "old homes" and getting into one for under a million is unheard of and to be perfectly honest, we couldn''t afford anything that expensive comfortably. We have to be realistic, it isn''t just the cost of home it''s all the money that has to go into the house after buying it. It''s with a heavy heart that we opened up our search to other alternatives...
Our realtor, God love her, told us today about a foreclosed row home that just came on the market which is in our desired location for a "song" (outside of our historic DT area...so you could say it''s our second favorite area). In a healthy market, this home would have sold for 700k and maybe even more...in this market, and being foreclosed on, it''s really, really affordable. So affordable I doubt it will last long.
It''s in a better area that our current house in terms of amenities...it''s been well loved and upgraded to the max so I wouldn''t have to spend anything to update the house. The layout is much better than our current home. But it''s almost identical in square footage. It would also be a wash with our current home...we''d sell ours (hopefully) and buy this one without owing anything but also without making anything. i could essentially give my house away to make this one happen. This house potentially will be worth more than mine will ever be worth. But, and it needs repeating, it''s not an "upgrade" but rather a "lateral" move in terms of the space and finishes. The house isn''t historic, but in a country club/clubhouse community which is pretty exclusive. We''d have access to a golf course, 3 pools, tennis courts...none of which we have access to now. We''d be in the best school district.
So, heres the sticky stuff...and where I want opinions and advice...
1. It''s not an upgrade in a "nuts and bolts" kind of way...same sqft and finishes but a better area. We''d be trading historic downtown living for modern conveniences.
2. We''d carry two mortgages for ???? who knows how long. That could be doable but also stressful and nothing I''ve ever experienced before. It would certainly change things for a while.
3. We''ve been pre-approved but I don''t know if that is contingent upon the sale of our current home...a situation I''ve never been in before...
So....with that said, would you do it?!